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The Idociy of Used Vendors (or My Money is Worth More Than Your Stuff)
invite response
2015 Oct 14, 9:49pm 2,262 views 5 comments
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Not so sure the title describes the posting very well. Bottom line, there seem to be idiots ready and willing to pay more and more and more. Is (at least) $300 a month worth a second bathroom - for many of us (including me) the answer would be no; but there are a fair number of idiots out there who would be more than willing to fork over the extra $300, heck maybe even up to $500 more for that 'luxury'. That said, I really can't think of what would lure me to San Diego, the weather is nice and then ... ??? The living is just plain too expensive. Even IF my wage kept up with the cost of things in SD, there are just too many other places where my money would go much further, not to mention savings. Just one man's opinion.
nuttboxer, rent has gone up due to the increase in people who lost, shorted, or sold their homes 2009 to 2013. plus the pop growth and normal young douche influx (YDI) rates.
there are now way more renters here than 7-10 years ago and the market has exploded accordingly - creating more new landlords (big money and small money) who have no clue (or time for) what they are doing except to grab the highest price they can. this means no updating, no routine maintenance, no responsiveness, etc.
i see a lot of new multi-family projects going up and not just in crap sections of town. this will help ease the situation a little bit, as the idiot investor with his crap-shack from the 1980's will have competition from more modern units in the same locale.
NuttBoxer
2015 Oct 15, 11:34am
I have no problem with free market supply and demand driving housing trends, but I get the feeling there's manipulation here I'm not aware of. I don't see this trend being sustainable by any means. Bad landlords will be driven out when they realize renting is hard work, especially the ones who can't distinguish good tenants. Rents have to stay in line with salaries, otherwise you end up with empty houses, as people can't extend themselves and opt for cheaper alternatives.
When renting starts to feel like buying, there's something wrong.
manipulation
it's old news - the hot money from fed reserve policy led private equity to purchase up massive amounts of "distressed" properties from the fallout. other cash buyers saw the opportunity and the rest is history. prices could float and then begin to gain as more competitive bidding took place. rents could go higher due to increased demand and the fact that investors wanted as much yield as possible.
the relative price of a current expensive rental is still low compared to the old mortgage payment of an insolvent homeowner. that is key. SD is also a location where people convince themselves that spending 45% to 50% of their income on housing is justified. the YDI crowd can instagram photos of the beach to their old schoolmates who have to endure rough winters.
New Renter
2015 Oct 19, 9:54am
I would expect to at least receive a reply when I contact someone about their rental. The potential income I bring to their otherwise rotting, used domicile should garner at least a Thank You for your inquiry no?
Its no different than the job market. Job seekers are expected to follow all the protocols of courtesy yet now most employers don't bother with the courtesy of a thanks but no thanks.
I have posted before about high prices in the San Diego rental market. But it's not just the exaggerated sense of value these people have for their lived in houses, it's the way they treat my inquiries. Maybe email is dead and texts are the ONLY way to communicate now days. Maybe there really are more and more loony people willing to pay bubble prices to rent in the land of perpetual sun. But as an adult of some age, and some means, I would expect to at least receive a reply when I contact someone about their rental. The potential income I bring to their otherwise rotting, used domicile should garner at least a Thank You for your inquiry no? And this is the part that really gets me. I pay less than what they are asking, a lot less. By my calculations we pay at least $300 under market, per month. Why would I leave such a sweet deal? While I haven't, and the only reason I ever think about it is we have only one bathroom. But $300 a month just to poop with a little more privacy is a bit far fetched. Maybe if I was a public or union employee...
But to get to the title and the point of my post, I believe, in my heart, that my money is worth more than an empty house. If I stay where I am, I can go on more vacations, eat out at fancy restaurants, take my kids to Disneyland, the list is endless. They only have option of renting, or not renting their decrepit "investment".
Maybe someday sanity will return to Sunshine State, but for now, I think I'll have some lobster, take off an extra week over Christmas, and punch Mickey in the face!